Union Minister for Road Transport and Highways Nitin Gadkari stated on Tuesday that the country owes economic reforms to former Prime Minister Manmohan Singh. Gadkari stated at the TIOL Fiscal Heritage Award 2022 ceremony that India requires a liberal economic strategy with the objective of benefiting the underprivileged.
“The country is indebted to Manmohan Singh for the liberalization that gave a new direction),” Gadkari was quoted as saying by news agency PTI.
Economic reforms initiated by Singh as finance minister in 1991 provided India with a new orientation by ushering in a liberal economy, he noted.
In 1991, Singh collaborated with then-prime minister P V Narasimha Rao to implement the new economic policy. The policy’s key goals were globalisation, developing foreign reserves, greater economic development, economic stability, and closing the gap between the public and private sectors.
He remembered that when he was a minister in Maharashtra in the mid-1990s, he was able to acquire funds to develop roads thanks to economic reforms introduced by the former prime minister.
As Finance Minister in 1991, Singh eliminated the Licence Raj, which had been a cause of poor economic development and corruption in the Indian economy for decades. He liberalised the Indian economy, allowing it to flourish at a breakneck pace.
Speaking at the same event, former Prime Minister Manmohan Singh recalled on his roles as finance minister and prime minister in navigating the country through tough times.
“Most of you will only recall the external payments crisis of 1990-91. But this payments crisis occurred against the backdrop of an even bigger challenge — the breakdown of the global bipolar order,” he was quoted as saying by PTI.
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As finance minister, Singh stated that he must be concerned not just with decreasing the budget deficit and boosting economic development, but also with stabilising the currency and guaranteeing appropriate foreign exchange access.
“At that critical time, I had said that India’s development as an economic superpower was a concept whose time had come,” he said, adding that as finance minister, he defended the nation’s interests while remaining devoted to the pursuit of equality and justice, PTI reported.
Union Minister Nitin Gadkari stated that liberal economic policies benefit farmers and the underprivileged.
The awards ceremony was hosted by the website TaxIndiaOnline.’
He also stated that China is a fantastic example of how to open economic policies can help any country flourish.
He stated that India will require greater capital expenditure to drive economic growth.
The road transport and roads minister stated that the NHAI is also seeking funds from the general public for highway building.
Gadkari stated that his government is building 26 green expressways and that he does not need funds. According to him, the NHAI’s toll income will increase to Rs 1.40 lakh crore by the end of 2024, up from Rs 40,000 crore currently, PTI reported.
(With Inputs From Agencies)